Thar she blows.
It's always something that stuck in our craw, like in this blog piece : The New York 1% takeout hike to fix the NYCOTB system was still in effect when there were no NYCOTB's.
It made little sense to us, and we wondered why.
Even on chat boards like Paceadvantage when it happened, bettors knew the 1% hike was supposed to expire and be repealed in two years, citing the appropriate section of the statute (click to enlarge):
What happened? I assume we'll find out after they conduct an investigation, because today it was announced NYRA should have lowered takeout, but didn't.
They'll have to pay back all the money, plus (what I assume is) interest.
The state Racing & Wagering Board
voted unanimously on Wednesday to admonish the New York Racing
Association for overcharging bettors millions of dollars over the past
The action happened at a board meeting after racing
officials discovered NYRA overcharged by 1 percentage point the amount
it kept from some "exotic" bets.
NYRA, which runs races for the state at the
Aqueduct, Belmont and Saratoga thoroughbred tracks, will be required to
pay back bettors about $8.6 million, according to one state official, if
it can track them down through racing accounts. It will also have to
help clear up IRS issues with those who won exotic bets during the
period. Further, NYRA will be required to pay a $50,000 contribution to a
Anyhow, for those of you wondering how a two year takeout hike to pay for OTB's was still going on when there were no OTB's, you weren't the only one. The mystery, for now, is solved.
What the future holds, is, I assume, a whole other matter.